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Albany, NY, Jan. 22, 2016 -- According to a new market research report published by Transparency Market Research “Thyroid Gland Disorders Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the global thyroid gland disorders treatment market was valued at US$1.8 bn in 2014 and is estimated to reach a market value of US$2.4 bn in 2023 expanding at a CAGR of 3.1% from 2015 to 2023.
Thyroid gland disorder is characterized by underactive or overactive production of thyroid hormones (T3 and T4), termed as hypothyroidism or hyperthyroidism respectively. Globally, the thyroid gland disorders treatment market is expanding at a promising growth rate owing to the rising prevalence of thyroid gland disorders and growing preference for thyroid therapeutics in developed as well as developing regions. Moreover, growing geriatric population and consistent efforts of key companies to develop novel therapeutics would also account for the growth of the thyroid gland disorders treatment market.
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Here’s what research studies say about Thyroid Gland Disorders Treatment Market:
Based on disorders, the global thyroid gland disorders treatment market has been segmented into hypothyroidism and hyperthyroidism. The market for these types has been extensively analyzed for different thyroid gland disorders drugs based on sales revenue of the various generic and branded products developed by the manufacturers. The market size and forecast in terms of USD million for each disorder has been provided for the period from 2013 to 2023. The report on the thyroid gland disorders treatment market also provides with compounded annual growth rate (CAGR %) for each of the market segments mentioned above with the forecast period from 2015 to 2023, considering 2014 as the base year.
Geographically, North America was the largest market for thyroid gland disorders treatment market in 2014. Increasing prevalence of thyroid disorders would primarily accentuates the thyroid gland disorders treatment market growth in the region. However, preference of patients for alternative treatment therapies such as thyroid surgery is expected to hinder the market growth. Rising geriatric population is expected to drive the market growth in European region comprising major countries such as Germany, France, the U.K., Spain, and Italy. According to the European Commission (EC), population aged 65 years and above is anticipated to increase from 17% in 2010 to 30% of the total population in the region by 2060.
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Globally, thyroid gland disorders (thyroid nodules, hypothyroidism, and hyperthyroidism) affect around 5% to 10% of the population. The thyroid gland disorders treatment market is expanding at a strong growth rate primarily due to rise in thyroid disorder patient population globally, increase in demand for drugs for hypothyroidism such as Synthroid and Euthyrox in developed and developing regions, and consistent efforts by leading thyroid drug manufacturers to develop breakthrough therapeutics. However, availability of numerous generic formulations has led to a decline in the overall market revenue.
Abbott Laboratories, AbbVie, Inc., Mylan N.V., Pfizer, Inc., GlaxoSmithKline plc, Merck KGaA, Novartis AG, Sanofi and others are some of the key players having presence in the global thyroid gland disorders market. In 2014, the thyroid gland disorders treatment market was dominated by AbbVie, Inc. and Merck KGaA, collectively accounting for more than half share of the market.
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